Loading...
•
Mar 31, 2022
Quest Diagnostics Q1 2022 Earnings Report
Reported a decrease in revenue and EPS due to decline in COVID-19 testing revenue, while base business showed strong growth and full-year guidance was raised.
Key Takeaways
Quest Diagnostics reported a decrease in first-quarter revenue by 4.0% to $2.61 billion, with a diluted EPS of $2.92, down 15.6% compared to the previous year. However, the base business revenues increased by 6.3%. The company raised its full-year 2022 guidance, expecting a reported diluted EPS between $7.88 and $8.38 and an adjusted diluted EPS between $9.00 and $9.50.
First quarter revenues decreased by 4.0% to $2.61 billion.
Reported diluted EPS decreased by 15.6% to $2.92.
Base business revenues increased by 6.3% to $2.01 billion.
Full year 2022 reported diluted EPS is now expected to be between $7.88 and $8.38.
Forward Guidance
The company raises its Full Year 2022 guidance as follows: Net revenues $9.2 billion to $9.5 billion, Base business revenues $8.35 billion to $8.50 billion, COVID-19 testing revenues $0.85 billion to $1.00 billion, Reported diluted EPS $7.88 to $8.38, Adjusted diluted EPS $9.00 to $9.50, Cash provided by operations At least $1.6 billion, Capital expenditures Approximately $400 million.
Positive Outlook
- Net revenues are expected to be between $9.2 billion and $9.5 billion.
- Base business revenues are expected to increase by 4.1% to 6.0%.
- COVID-19 testing revenues are expected to be between $0.85 billion and $1.00 billion.
- Reported diluted EPS is expected to be between $7.88 and $8.38.
- Adjusted diluted EPS is expected to be between $9.00 and $9.50.
Challenges Ahead
- Net revenues are expected to decrease by 14.7% to 11.9%.
- COVID-19 testing revenues are expected to decrease by 69.3% to 63.9%.
- Capital expenditures are expected to be approximately $400 million.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...